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[September 2009]
Second Quarter Boost For GranitiFiandre
Total revenues in the half-year report from GranitiFiandre (Castellarano, RE, Italy) showed a small slowdown of 6.5% compared to the same period of 2008, substantially in line with the expectations of management for the first part of the year and significantly better than the forecast for the first half of 2009 in the ceramics sector of a contraction of over 25%.
Furthermore, in spite of the continuation of the current worldwide economic crisis, the group in the second quarter of 2009 (in which better results are recorded historically), significantly increased sales and margins both in real and percentage terms on the first quarter – recording increases in turnover, EBITDA and EBIT of +€3.8 million, +€3.2 million and +€3.4 million respectively.
In this unfavourable macroeconomic scenario, also affected by a serious liquidity crisis, the significant improvement of the net financial position thanks to the creation of Free Cash Flow of €7.4 million (Free Cash Flow of €7.0 million in the second quarter alone of 2009, the second best quarter since the quotation in 2001) is noted. The company said that this data was of even greater significance in that it is net of the payment of the 2008 dividend of €1.8 million. Extremely positive cash flow was generated from operations – over €18 million in the half-year, of which €15 million came in the second quarter.
In relation to margins, the EBITDA in the first half-year amounted to €11.4 million, €7.3 million in the second quarter, with a revenue margin respectively of 12% and 14.7%. Contributing to the half-year EBITDA, in addition to the parent company GranitiFiandre SpA at €7.6 million, was the American group StonePeak with approximately US$1.2 million and the German subsidiary Porcelaingres with €2.6 million.
The EBIT in the first half-year was €4.9 million (€4.1 million in the second quarter alone), with a sales margin respectively of 5.2% and 8.4%. The pre-tax profit in the first half of 2009 amounted to €4 million with a sales margin of 4.2%.
The net profit from continuing operations was €1.9 million, with a sales margin of 1.9%. The effect of the deconsolidation of the Hydrodesign Group (including the results of the first quarter of 2009) negatively affected the net result of the Granitifiandre Group by €1.5 million; despite this the net result was a profit of €549,000.
ENDS